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In 1901, Edward, Prince of Wales, ascended the throne to become King Edward VII. As prince, Edward had developed a reputation as a sportsman and carouser. In 1890, a year after the opening of the famous Parisian cabaret Moulin Rouge, Edward was spotted in the audience by the popular dancer La Goulue, who reportedly cried for the prince to buy champagne for everyone.
This illustration was not published in Vanity Fair.